REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Fast Lane Consulting & Education |
Services Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Fast Lane Consulting & Education |
Services Limited |
Fast Lane Consulting & Education |
Services Limited (Registered number: 05111186) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Fast Lane Consulting & Education |
Services Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
TOR |
Saint-Cloud Way |
Maidenhead |
Berkshire |
SL6 8BN |
Fast Lane Consulting & Education |
Services Limited (Registered number: 05111186) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 | ( |
) |
ACCRUALS AND DEFERRED INCOME | 11 | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | 13 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Fast Lane Consulting & Education |
Services Limited (Registered number: 05111186) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Fast Lane Consulting & Education Services Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). |
The following principal accounting policies have been applied: |
Going concern |
The directors have prepared detailed forecasts and consider that the company has adequate financial resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from approval of these accounts. |
The business model is based around generating continuing revenues from the current vendor lines that the company has been representing for several years. In addition, there are a number of new areas being introduced which the directors believe will continue to enhance the revenue prospects of the company. They have reviewed the costs incurred in the business and more directly aligned the costs to the needs of the business and it is therefore anticipated that profits will continue to be generated in future periods which will generate adequate cash to ensure the on-going strength of the business. |
The business is not dependent on significant large one off contracts, nor does it have any reliance on any single major customer. In addition, the company has no bank borrowings. |
For those reasons the directors continue to adopt the going concern basis in preparing the annual report and financial statements. |
Fast Lane Consulting & Education |
Services Limited (Registered number: 05111186) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgement, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. |
Actual results may differ from these estimates. |
The estimates and underlying assumption are reviewed on a regular and ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Information about assumptions and estimates uncertainties that have a significant risk or resulting in material adjustment adjustment within the next financial year are included below. |
Critical accounting estimates and assumptions |
Recoverability of related party balances - The Company assesses these balances for recoverability. When assessing for impairment, management considers factors including historical experience, knowledge of performance, and future forecasts. This in particular includes the relationship with Fastlane Ireland which has been reviewed using a discounted cashflow model with an appropriate cost of capital and anticipated future cash flows of the business. |
Recoverability of trade debtors - Trade debtors are stated net of a provision for doubtful debtors. The Company maintains a provision for doubtful debtors, based o the financial condition of the customer and aging of the trade receivable after considering historical experience and communications with the debtor and the current economic environment. |
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycle and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Fast Lane Consulting & Education |
Services Limited (Registered number: 05111186) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Fixtures & fittings - 20%, 16.6% and 25% of cost, annually on a straight line basis |
Office equipment - 16% - 50% of cost, annually on a straight line basis |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings. |
Current and deferred taxation |
The tax expense for the year comprises current and deferred tax. Tax is recongised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Fast Lane Consulting & Education |
Services Limited (Registered number: 05111186) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
The company's functional and presentational currency is GBP. |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical .cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges. |
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'other operating income'. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Debt factoring |
The company closed its debt factoring facility in May 2022 and no longer has any factored debts. The interest and charges to May 2022 were recognised as they accrued and are included in the Statement of Comprehensive Income with other interest charges. |
Fast Lane Consulting & Education |
Services Limited (Registered number: 05111186) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Finance costs |
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Operating leases: the company as lessee |
Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. |
The company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard on 01 January 2015 to continue to be charged over the period to the first market rent review rather than the term of the lease. · |
Pensions |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. |
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | AUDITORS' REMUNERATION |
Fees payable to the company's auditor for the audit of the company's financial statements totalled £20,400 (2022: £20,400) |
Fast Lane Consulting & Education |
Services Limited (Registered number: 05111186) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
7. | DEBTORS |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Fast Lane Consulting & Education |
Services Limited (Registered number: 05111186) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | DEBTORS - continued |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
10. | PROVISIONS FOR LIABILITIES |
31.12.22 |
£ |
Deferred tax | 6,533 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year | ( |
) |
Balance at 31 December 2023 | ( |
) |
11. | ACCRUALS AND DEFERRED INCOME |
31.12.23 | 31.12.22 |
£ | £ |
Accruals and deferred income | 1,478,323 | 1,008,531 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £0.02 | 5 | 10 | 10 |
Fast Lane Consulting & Education |
Services Limited (Registered number: 05111186) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | RESERVES |
Profit and loss account |
Includes all current and prior period retained profits and losses. |
14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
15. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme for the benefit of employees. The assets of the scheme are administered by the trustees in a fund independent from those of the company. |
The pension charge for the year was £46,447 (2022: £41,397). The outstanding balance at year end was £12,322 (2022: £13,459). |
16. | CONTINGENT LIABILITIES |
The company had no contingent liabilities as at 31 December 2023. |
17. | CAPITAL COMMITMENTS |
The company had no capital commitments as at 31 December 2023. |
Fast Lane Consulting & Education |
Services Limited (Registered number: 05111186) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
18. | RELATED PARTY DISCLOSURES |
During the year, the company engaged in transactions with the following Fast Lane offices, which are related by virtue of common control: |
Fast Lane Benelux B.V. |
Fast Lane Institute for Knowledge Transfer GmbH |
Fast Lane Institute for Knowledge Transfer France SAS |
Fast Lane Italia S.R.L. |
Fast Lane Consulting & Educating Services Inc. |
Fast Lane Training - Egypt |
Fast Lane Institute for Knowledge Transfer (Switzerland) AG |
Fast Lane Canada Ltd |
Flane d.o.o. |
Fast Lane Consulting Services LATAM S.A. |
IT Leaning Solutions Training Services |
ITLS de Mexico SA de CV |
ITLS Training and Consulting GmbH |
Fast Lane Poland Sp..z.o.o. |
Fast Lane S.R.L. |
ITLS Trainamentos LTDA |
Asesorias Fast Lane Consulting and Education Services SpA |
Flane de Colombia SAS |
Fast Lane Institute for Knowledge Transfer S.A. |
Fast Lane Consulting and Education Services S.A. |
Flane Consulting and Education Services S.A.C. |
FastLane (Australia) Institute For Knowledge Transfer P/L |
Fast Lane Holding AG, Switzerland |
CTTP Holding Inc. |
Fast Lane Holding AG |
Fast Lane DOOEL Skopje |
Fast Lane Hungary Kft. |
Fast Lane IT Cloud and Security Services Pte. Ltd., Singapore |
Fast Lane Nederland B.V. |
ITLS Egypt |
Fast Lane Consulting Education Services Inc |
Centro de Transferencia en Technologia Professional CTTP S.A. |
Balances owed to and from the above related undertakings are shown in notes 10 and 11. |
The value of services to and received from the above related parties throughout the year were as follows: |
2023 | 2022 |
£ | £ |
Purchases from related parties | 877,013 | 913,837 |
Sales from related parties | 941,316 | 1.644,648 |
19. | ULTIMATE CONTROLLING PARTY |
The directors consider that Torsten Poels is the ultimate controlling party by virtue of his majority shareholdings in the company. |
The company is now part of a group and the parent company is Fast Lane Holding AG. |